KARACHI: The State Bank of Pakistan (SBP) on Monday offered more incentives to banks and exchange companies for bringing remittances in the country.

“In order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 1, 2021 to June 30, 2022 to cover home remittance performance for FY22 compared to that of FY21,” the SBP said in a circular addressed to all banks and exchange companies.

If the home remittances exceeded five per cent growth in FY22 compared with the levels achieved in FY21, the government will offer Rs0.5 per each incremental US dollar mobilised over 5pc growth, the circular said.

If the home remittances exceeded 10pc growth in FY22 compared with the levels achieved in FY21, the government would offer (in addition to Rs0.5 per US dollar) Rs0.75 per each incremental US dollar mobilised over 10pc growth.

If the home remittances exceeded 15pc growth in FY22 compared with the levels achieved in FY21, the government is set to offer (in addition to Rs0.75 per US dollar) Rs1 per each incremental US dollar mobilised over 15pc growth.

Published in Dawn, July 6th, 2021